QRG Capital Management Inc. Trims Stake in Tenaris S.A. $TS

Key Points

• QRG Capital Management Inc. reduced its stake in Tenaris S.A. by 28.1%, now holding 57,753 shares worth approximately $2.16 million.
• Several hedge funds increased their stakes in Tenaris, including Alua Capital Management LP, which acquired a new stake worth about $93.37 million.
• Tenaris recently reported earnings of $0.99 per share, exceeding analyst expectations, though revenue showed a 7.1% decline year-over-year.

QRG Capital Management Inc. trimmed its stake in Tenaris S.A. (NYSE:TS - Free Report) by 28.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,753 shares of the industrial products company's stock after selling 22,585 shares during the quarter. QRG Capital Management Inc.'s holdings in Tenaris were worth $2,160,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TS. Alua Capital Management LP acquired a new stake in shares of Tenaris during the 1st quarter worth about $93,370,000. Encompass Capital Advisors LLC lifted its stake in shares of Tenaris by 90.7% during the first quarter. Encompass Capital Advisors LLC now owns 2,097,540 shares of the industrial products company's stock valued at $82,035,000 after buying an additional 997,540 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Tenaris by 47.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 754,994 shares of the industrial products company's stock valued at $29,528,000 after buying an additional 241,290 shares during the period. Northern Trust Corp lifted its stake in shares of Tenaris by 109.6% during the first quarter. Northern Trust Corp now owns 462,542 shares of the industrial products company's stock valued at $18,090,000 after buying an additional 241,853 shares during the period. Finally, Royal Bank of Canada raised its holdings in Tenaris by 3.1% in the 1st quarter. Royal Bank of Canada now owns 452,835 shares of the industrial products company's stock valued at $17,710,000 after acquiring an additional 13,635 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company's stock.

Tenaris Price Performance

Tenaris stock opened at $36.41 on Wednesday. The stock's 50-day moving average is $35.67 and its 200-day moving average is $35.49. The company has a market cap of $21.17 billion, a price-to-earnings ratio of 9.89, a price-to-earnings-growth ratio of 2.73 and a beta of 1.33. Tenaris S.A. has a 12 month low of $30.06 and a 12 month high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.11. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the prior year, the company earned $0.59 EPS. The company's revenue was down 7.1% on a year-over-year basis. Research analysts anticipate that Tenaris S.A. will post 3.14 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on TS. Piper Sandler downgraded Tenaris from an "overweight" rating to a "neutral" rating and cut their price target for the company from $48.00 to $41.00 in a report on Wednesday, September 17th. Barclays decreased their price target on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Tenaris in a research note on Saturday, September 27th. Wall Street Zen lowered shares of Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Finally, Sanford C. Bernstein assumed coverage on shares of Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $41.80.

Tenaris Company Profile

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.

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